Before we dive into news that you can use, let’s check out the Caesars soap opera. This week we learned that Uncle Carl Icahn has increased his stake in Caesars Entertainment. He now owns more than 20 percent of the shares of the company.
At the beginning of the year, we told you about MGM 2020. Their plan to save around $200 million-$300 million dollars was a big part of MGM Resorts’ first earnings call of the year. The first phase of the cost savings plan is underway.
Wynn Resorts: Wynn Resorts was fined a record-breaking $20 million for not addressing Steve Wynn’s sexual misconduct allegations. You can read about it here. While I was working on an article about this earlier in the week I noticed that this hasn’t affected the bottom line at Wynn Las Vegas.
This quarter the MGM Resorts and Caesars Entertainment calls have had some activist investor issues that sort of changed the tone of the calls. I’m not an owner of casino stocks and I look for news when reading and listening to earnings reports. This week Caesars and Boyd Gaming reported earnings.
Don’t get me wrong, I love the Vegas Strip. Having the Vegas Strip 15 minutes from my house is amazing! Every trip to the Vegas Strip when a friend visits or something new opens is like a mini-vacation. As a tourist, I used to marvel at how many great restaurants there are in Las Vegas.
Since fewer high rollers were visiting Las Vegas hotel rates dropped to the point where I could see how big spenders spent time in this great city. Since then the economy has improved and prices have been slowly creeping back to normal. Las Vegas is back on the upswing.
The casino had different music and attempted to offer an upscale experience for a budget price. The design was a strange combination of old and modern. The various cuts of vintage looking carpet were sweet. Even though some furniture was like it was from Ikea. The overall environment was fun and almost obnoxious.
This is a big week in Las Vegas as the years-long conversion of Monte Carlo to Park MGM is finally complete. Here is the first of many articles on TravelZork about the conversion if you don’t remember the beginning of this journey.